Not many blockchain companies can find new partners every week. The list of Ripple partners, which already includes more than 100 companies, was expanded this week. Banks in Brazil, India, Singapore and Canada, as well as money transfer service providers, decided to cooperate with the company.
Brazilian bank Itaú Unibanco and money transfer provider BeeTech have reportedly joined RippleNet to make international money transfers faster and cheaper. Indian bank IndusInd, along with Canadian company Zip Remit, are also looking to benefit from financial transactions based on blockchain technology.
Emerging market economies such as Brazil, India and China are home to 85% of the world's population, with almost 90% of the population in these countries being under the age of 30. It is in such countries that it is profitable for Ripple to expand its activities by introducing the xCurrent and RippleNet money transfer platforms. In 2017, remittances to India and China amounted to more than $60 billion, and Brazil received $600 million from the United States.
Ripple Head of Business Development Patrick Griffin is confident that the solutions that blockchain technology offers are the path to improving the lives of users in emerging markets.
“The payment problem is a global problem, but its negative impact has a disproportionate impact on emerging markets. Whether it's a teacher in the US sending money home to his family in Brazil, or a small business owner in India trying to move money to open a second store in another country, it is imperative that we connect the world's financial institutions with a payment system that works for their customers, not against them."
Southeast Asia's leading cross-border digital money transfer service provider, InstaReM currently has over a hundred banks and other financial institutions providing real-life exchange services. time, clearing and financial transaction services. The partnership with Ripple will allow its corporate and SME customers to quickly and seamlessly make transfers across multiple destinations in the region.
The company processes approximately half a million transactions per year and connects businesses and individuals in Australia, Canada, Hong Kong, Singapore and India with more than 60 countries around the world.
According to https://www.newsbtc.com
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